Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On December 4, it purchases 22 units at $14 each. 28 units are sold on December 10. Using the FIFO inventory method, what is the cost of the 28 units that were sold? O 1120 O $400 O $616 O $924

Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On December 4, it purchases 22 units at $14 each. 28 units are sold on December 10. Using the FIFO inventory method, what is the cost of the 28 units that were sold? O 1120 O $400 O $616 O $924

Name: Mahmood's company has beginning inventory of 35 units at a cost of $4
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Mahmood's company has beginning inventory of 35 units at a cost of $40 each on December 1. On December 4, it purchases 22 units at $14 each. 28 units are sold on December 10. Using the FIFO inventory method, what is the cost of the 28 units thatwere

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

A company has beginning inventory of 13 units at a cost of $13 each on February 1. On February 3, it purchases 23 units at $15 each. 18 units are sold on February 5. Using the FIFO periodic inventory method, what is the cost of the 18 units that are sold? Multiple Choice $257 $234 $244 $247 $248
Crane Enterprises uses a periodic inventory system for buckets it sells. It had a beginning inventory on April 1 of 72 units at a cost of $ 6 per unit. During April, the following purchases and sales were made. Purchases April 7 62 units at $ 7.00 13 124 units at $ 8.00 23 94 units at $ 9.00 29 52 units at $ 10.00 332 Sales April 5 124 units at $ 20 11 94 units at $ 20 20 84 units at $ 20 30 42 units at $ 20 344 Compute the April 30 ending inventory and April cost of goods sold under (a) average cost, (b) FIFO, and (c) LIFO. (Round cost per unit to 2 decimal places, e.g. 15.25 and final answer to 0 decimal places, e.g. 1,525.)
Larkspur Company uses a perpetual inventory system. Beginning inventory is 2,700 T-shirts at a cost $2.50 per shirt. During the year Larkspur had the following inventory transactions: Jan. 12 Feb. 18 Jul. 1 Aug. 29 Dec. 19 Purchased 540 cost @2.15 per unit 1,450 cost @6.50 per unit 1,200 cost @2.65 per unit 1,500 cost @7.50 per unit 540 cost @3.05 per unit (a) Sold Purchased Sold Purchased All purchases and sales are on account. Calculate the cost of goods sold and ending inventory using weighted average. (Round cost per unit to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 5,125.) Cost of goods sold Ending inventory Save for Later $ $ Weighted average
Sandhill Trading Company uses a periodic inventory system and has a beginning inventory as of April 1 of 255 tents. This consists of 255 tents purchased in February at a cost of $420 each. During April, the company had the following purchases and sales of tents. Date April 3 10 17 (a1) 24 30 Purchases Units Unit Cost 305 405 $460 480 Units 182 Ending inventory in units 355 305 Cost of goods available for sale $ Sales Unit Price $610 610 Determine cost of goods available for sale and ending inventory in units. 610
Swifty uses the periodic inventory system. For the current month, the beginning inventory consisted of 7400 units that cost $10 each. During the month, the company made two purchases: 3000 units at $11 each and 11900 units at $11.50 each. Swifty also sold 12700 units during the month. What is the ending inventory if the LIFO method is used? O $104928 O $110400 O $96000 O $98200
The units of Manganese Plus available for sale during the year were as follows: Mar. 1 25 units @ $29 $725 Inventory Purchase June 16 29 units @ $32 928 Nov. 28 Purchase 41 units @ $37 1,517 95 units $3,170 There are 12 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. b. Determine the inventory cost by the LIFO method. c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.
Whisperings has the following inventory data: Nov. 1 Inventory 28 units @ $5.50 each 8 Purchase 110 units @ $5.95 each 17 Purchase 55 units @ $5.80 each 25 Purchase 83 units @ $6.10 each A physical count of merchandise inventory on November 30 reveals that there are 92 units on hand. Cost of goods sold under LIFO is
Grays Company has the following purchases and sales during the month of August. Using the FIFO perpetual inventory method, what amount will be reported as cost of goods sold for the 12 units that were sold? Activities Date August 1 August 3 August 6 Beginning inventory Purchase. Sales Multiple Choice $570 $568 $604 $620. $520 Units Acquired at Cost 10 units @ $50= $500 20 units @ $52 = $1,040 Units Sold at Retail 12 units sold
ZARA uses a First-In-First-Out (FIFO) perpetual inventory system and has the following purchases and sales: February 10 February 16 50 units were purchased at $42 per unit. 75 units were purchased at $40 per unit. What is the cost per unit sold assuming that 22 units were sold on February 29? | I
Haresh
The following information pertains to inventory for a company: March 1 Beginning inventory = 32 units @ $5.60 March 3 Purchased 16 units @ 4.30 March 9 Sold 28 units @ 8.20 What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.) Choose one of the answers $121 $120 $157 $136
Beginning inventory consist of 800 units at P200 each. Purchases made for the period: January 18 for 700 units at P210 each and another on January 31 for 500 units at P220 each. Sales were also made during the period; 500 unist were sold on January 8, and 800 units were sold on January 22. The company uses the FIFO method of inventory costing. 1. How much is the cost of goods purchased on January 18? 2. How much is the total cost of purchases during the period? 3.